Instructions For Composite Return - 2013 Page 2
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5The Division may impose the following:
UNDERPAYMENT OF ESTIMATED TAX
If the filing entity failed to make the required estimated tax
Late filing penalty: 5% per month (or fraction of a month) up
payments as described above, the entity must complete Form NJ-
to a maximum of 25% of the outstanding tax liability when a
2210, Underpayment of Estimated Tax by Individuals. Completing
return is filed after the due date or extended due date. Also, a
Form NJ-2210 will determine if interest on the underpayment is due
penalty of $100 per month for each month the return is late may
and if so, will calculate the amount. If you complete and enclose
be imposed.
Form NJ-2210 with your return, check the box below Line 18.
Late payment penalty:
5% of the outstanding tax balance
NOTE: Credit will not be given on the composite return for
may be imposed.
estimated tax payments made by any of the qualified electing
Interest: 3% above the prime rate for every month or fraction
nonresident participants.
of a month the tax is unpaid, compounded annually. At the end
of each calendar year, any tax, penalties and interest remaining
ACCOUNTING METHOD
due (unpaid) will become part of the balance on which interest
The accounting method used for Form NJ-1080-C must be the
is charged.
same as the accounting method used by the participants for Federal
income tax purposes.
SIGNATURES
Form NJ-1080-C is not considered to be a return unless it is
ACCOUNTING PERIODS
signed and dated.
If the filing entity is a general partnership, a
The accounting period for a nonresident composite return is the
limited partnership, or a limited liability partnership, the return must
calendar year.
be signed by a general partner or the partner designated for tax
FORMS AND ASSISTANCE
matters. If the filing entity is an electing New Jersey S Corporation
Forms are available by calling 1-800-323-4400 or by writing to
the return must be signed by an officer of the corporation; if a limited
the New Jersey Division of Taxation, 50 Barrack Street, PO Box
liability company, by an authorized member; if an estate, by the
269, Trenton, NJ 08695-0269, Attention: Forms Distribution Center.
executor or administrator; if a trust, by a trustee. If a receiver, trustee
You can have forms faxed to you at any time by faxing the requested
in bankruptcy, or assignee controls the organization’s property or
form number to TaxFax at 1-609-588-4500, or call that number for
business, that person must sign the return. If the filing entity is a
facsimile instructions. You may also request forms by accessing the
professional athletic team the return must be signed as required
Division’s home page on the Internet at:
above depending on the type of entity.
Anyone who prepares a composite return for a fee must sign the
Assistance is available by calling the Division’s Customer Service
return as a “Paid Preparer” and must enter his or her social security
Center at: 609-292-6400.
number. The company or corporation name and Federal Employer
A composite return, F o r m 1 0 8 0 C, must be paper-filed. The
Identification Number, must be included, if applicable. The preparer
directory information for a composite return filed on behalf of 25 or
required to sign the composite return must sign it by hand; signature
more participants MUST be submitted on diskette or re-writable CD.
stamps or labels are not acceptable.
If someone prepares the
See page 6 for general diskette specifications.
return at no charge, the paid preparer’s area need not be completed.
A tax preparer who fails to sign the return or provide a correct tax
ROUNDING OFF WHOLE DOLLARS
identification number may incur a $25 penalty for each omission.
The money items on the return and schedules may be shown in
whole dollars. This means that any amount under 50 cents may be
PRIVACY ACT NOTIFICATION
eliminated and amounts of 50 cents or more should be increased to
The Federal Privacy Act of 1974 requires an agency requesting
the next higher dollar.
information from individuals to inform them why the request is
being made and how the information is being used.
AMENDED RETURNS
Social security numbers are used primarily to account for and
An amended Form NJ-1080-C must be filed if an amended
give credit for tax payments. The Division of Taxation also uses
Federal return is filed for any filing entity, or if the Internal Revenue
social security numbers in the administration and enforcement of all
Service changes or corrects any item of income, gain or loss
tax laws for which it is responsible.
previously reported. The amended New Jersey return shall be filed
within 90 days of the date the amended Federal form is filed or, in
FEDERAL/STATE TAX AGREEMENT
the case of a federal Audit, within 90 days after the final
The New Jersey Division of Taxation and the Internal Revenue
determination of the change. To amend the original composite
Service have entered into a Federal/State Agreement to exchange
return, use a blank Form NJ-1080-C for the tax year that is to be
income tax information in order to verify the accuracy and
amended and write “Amended” across the top. Complete the form
consistency of information reported on Federal and New Jersey
by entering the correct information and attach an explanation of the
income tax returns.
changes.
An amended composite return should also be filed if the filing
FRAUDULENT RETURN
entity issues amended or corrected information returns (e.g. Form
Any person who willfully fails to file a return, files a fraudulent
W-2, Federal Schedule K-1, etc.) which affect Total New Jersey
return, or attempts to evade the tax in any manner may be liable for
Taxable Income (Line 17).
a penalty not to exceed $7,500 or imprisonment for a term between
three years and five years, or both.
PENALTIES AND INTEREST CHARGES
Penalty and interest should be included with the payment of any
tax due.
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